In 1971, the United States unilaterally terminated convertibility of the USU.S. dollar to gold, effectively bringing the Bretton Woods system to an end. What was the newly emerged system based on?

Question

Quizplus · Accepted Answer

The newly emerged system was based on floating exchange rates, where the value of currencies was determined by the foreign exchange market without a predetermined value to gold or another currency.

In 1971, the United States Unilaterally Terminated Convertibility of the USU.S